HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Chinook Therapeutics (KDNY) Investors with Substantial Losses to Contact Firm’s Attorneys, Firm Investigating Possible Securities Law Violations
News provided byACCESSWIRE
May 26, 2023, 3:00 PM ET
SAN FRANCISCO, CA / ACCESSWIRE / May 26, 2023 / Hagens Berman urges Chinook Therapeutics, Inc. (NASDAQ:KDNY) investors who suffered substantial losses to submit your losses now.
Contact An Attorney Now: KDNY@hbsslaw.com
Chinook Therapeutics, Inc. (KDNY) Investigation:
The investigation focuses on Chinook's statements related to the commercial prospects for its lead product candidate (atrasentan), which is under development, to treat patients with kidney disease.
As recently as April 25, 2023, Chinook assured investors that "we believe that we have developed what we think is one of the leading pipelines targeting kidney disease […] that's really led by our - our most advanced program, which is called atrasentan […] that we in-licensed from AbbVie a few years ago."
But on May 16, 2023, Muddy Waters Capital published a report concluding: (1) the FDA is unlikely to approve atrasentan; (2) "atrasentan is inefficacious for chronic kidney disease"; (3) "atrasentan has been shown to be harmful to patients' cardiovascular health"; and (4) "AbbVie and Chinook seem to have systematically manipulated research findings and presentation on atrasentan to obscure these trial results."
In response, the price of Chinook shares fell sharply lower during intraday trading on May 16, 2023.
"We're focused on investors' losses and whether Chinook may have manipulated atrasentan study data to mislead investors about commercial prospects for the product candidate," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Chinook and have substantial losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Chinook should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email KDNY@hbsslaw.com.
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
NOTE: This content is not written by or endorsed by "WPIX", its advertisers, or Nexstar Media Inc.